WOOD PLASTIC COMPOSITE MARKET TO REACH USD 11.8 BILLION BY 2027 | CAGR 11.5% – FORENCIS RESEARCH

Wood Plastic Composite MarketΒ - Global Industry Analysis and Forecast 2020 to 2027

Global Wood Plastic Composite Market: Key Highlights

  • According to the new market research report Wood Plastic Composite Market by Type (Polyethylene (PE), Polystyrene (PS), Polypropylene (PP), Polyvinyl chloride (PVC), Others), by Application (Building & Construction, Automotive Components, Consumer Goods, Industrial, Furniture,Others)by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global wood plastic compositemarket is estimated to reach USD 11.8 Billion by 2027 at a CAGR of around 11.5% during the review period.
  • Wood plastic composite are mixture of wood particles and thermoplastic polymers, and are manufactured in variety of shapes, colors, and size, with different surface textures
  • Polyethylene type is largely for wood plastic composite as they are flexible and durable with outstanding chemical and environmental problem resistance
  • Resistance to rot, dimensional stability, excellent thermal properties, low moisture absorption, good stiffness, and impact resistance are some of the properties of wood plastic composite

Wood Plastic Composite Market

Global Wood Plastic Composite Market: Key Market Dynamics

  • Increasing demand for wood plastic composite from construction industry has expected to drive the market growth during due to its unique physical, aesthetic, and practical qualities of both wood and plastic
  • Growing demand for biodegradable and eco-friendly has expected to drive the wood plastic composites from automotive industry
  • Higher initial investment cost associated with wood plasticcomposite is anticipated to hinder the growth of the market

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Global Wood Plastic Composite Market: Regional Overview

  • Europe

Europe is expected to dominate wood plastic composite marketduring the forecasted period owing to the well established automotive industry. According to the European Commission, the turnover generated by the automotive industry represents over 7% of European Union GDP. According to European Automobile Manufacturers Association (ACEA), in 2018 Vehicle manufacturing is a strategic industry in the EU, where 19.2 million cars, vans, trucks and buses are manufactured per year. Use of wood plastic composites in the automotive industry will enhance mechanical strength lower production cost and fuel consumption, and improve passenger safety. Thus, with a growing automotive industry coupled with benefits offered by wood plastic composites is expected to drive the market growth in the Europe region.

  • Asia-Pacific

The Asia-Pacific is anticipated to witness the largest growth in the wood plastic composite market during the forecasted period. This growth can be attributed to the ongoing constructions and infrastructural activities in emerging countries such as India, China, Malaysia and Indonesia. For instance, the National Bureau of Statistics of China, in 2019 the investment in China was increased by 3.8% than in previous years. Moreover, increasing infrastructure spending, rising awareness among consumers regarding sustainable building, industrialization, and urbanization has boosted the demand for construction. For instance, in Malaysia, infrastructure spending has increased through the Economic Transformation Program (ETP) which has attracted higher FDI in the region. 

Global Wood Plastic Composite Market: Key Players Overview

  • BSW Timber Ltd:

BSW Timber Ltd is a Berwickshire based company engaged in manufacturing and supplying of swan products. The company offers its product range for fencing, landscaping, cladding, construction, DIY, decking, pallet and packaging sector. BSW Timber Ltd operates through following business segments, tree nurseries, forestry, sawmilling, timber manufacturing and energy.  In August 2018, BSW Timber Ltd group acquired Alvic Plastics Ltd (U.K), is a one of the leading manufacturer of extruded wood polymer composite manufacturer. This aquasition will help to expand company’s product portfolio, diversified product range, and increase production capacity.

  • Fortune Brands Home & Security, Inc.:

Fortune Brands Home & Security, Inc., is a U.S. based company engaged in manufacturing of home and security consumer products. The company operates through following business segments: Plumbing, Cabinets, Doors, and Security. Fortune Brands Home & Security, Inc., generated net sales of USD 5.5 billion in 2018. In September 2018, the company acquired, Fiberon (U.S.), is a manufacturer of composite decking, railing, and fencing. Fiberon will be the part of Fortune Brands Home & Security, Inc.’s Doors & Security business segment and this aquasition will help to gain entry into the outdoor living market.

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Rep Id : CM 0123

Published : 2020-07-28

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